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Monday, December 17, 2012
Growth: Lost between RBI and North Block
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The observation, “Continuing with unquestioned faith on the part of the RBI on central bank autonomy, which is illusory; and of the Central Government on austerity and fiscal discipline as a panacea for growth (leave alone distribution) can no longer be trusted as a solution for a revival of the ailing economy” says much more than what has actually been said, leaves a lot of scope for interpretation. It would appear, the writer believes that the present unhappy bickering around North Block and Mint Road is about real differences in policy perception. One wishes, it was so.
The fact is that the attempt by Finance Ministry to act as a super regulator over all regulatory bodies in the financial sector is getting more and more exposed in the recent past. This will destabilize the equilibrium deftly built up by eminent persons who headed Finance Ministry and RBI in the formative years of financial regulation in India and consciously maintained by their successors till the recent past.
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